Lucapa Records Increased Average Price for Lulo Alluvial Diamonds
July 13, 16
(IDEX Online News) – Lucapa Diamond Company Limited has announced its results for the quarter ended June 30, which showed an increase in the value and volume of rough diamond sales.
The company sold two parcels of alluvial diamond in the quarter, weighing a total of 2,670 carats. The diamonds from those sales achieved gross proceeds of AUD$4.1 million ($3 million), which represents an average price of AUD$1,546 ($1,132). The 2016 half year diamond sales of AUD$36.6 million ($26.2 million), which represented an average price of AUD$7,960 ($5,686) – including the sale of the 404-carat “4th February Stone.” Excluding that stone, the average sale price was AUD$3,374 ($2,421).
Lucapa highlighted that it was continuing its kimberlite exploration program, which is attempting to find the source or sources of the large premium-quality alluvial diamonds recovered at Lulo. The company said that it had recovered 30 special (diamonds >10.8 carats) during the period.
During the quarter, Lucapa and its partners executed the documents to formally incorporate Sociedade Mineira do Lulo (SML), a new alluvial diamond mining company that will hold the mining title, and of which, Lucapa is a 40-percent shareholder.
The company has ordered an XRT large diamond recovery and sorting solution, which is scheduled to be commissioned in September. The unit will process diamond bearing material between 18mm and 55mm, allowing the Lulo plant to recover diamonds up to 1,100 carats in size.